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Portland Real Estate Update By Rob Levy

Portland Real Estate Update November '17

The Portland Oregon metro area real estate market cooled a little in October, 2017 with the only exception being new listings gained 1.8% despite a decrease of 18.1% the previous month. Closed sales fell 0.9% of October of 2016, and 3.6% short of September 2017 ending up at 2,565 homes closed.   Pending sales also fared about the same, with a 0.9% decrease from September ending up at 2,705. Inventory increased, but only slightly to 2.1 months in October with total marketing time increasing to 44 days. 

Year to date, activity has also been cooler with closed sales through the end of October down 3% at 26,551 and pending sales also down 7.1% at 27,385.  However prices continue to rise throughout the area.  Comparing October 2017 with October 2016, the average sales price rose 9% from $393,900 to $429,950.

You can download the entire 7 page PDF MLS report by CLICKING HERE.  Inside you will see charts and graphs all relating to specific areas of metro Portland.

City of Portland Home Sellers MUST Get an Energy Audit

Thats right, if you own a home in the CITY of Portland and want to sell it, starting in January 2018 you must get an energy audit performed prior to your home going on the market.  This applies to single family homes and attached homes too.  This means you must have this audit perfomed before you start marketing the property, which of course means while listing it.    The city projects this to cost $250 - $300 but of course as more inspectors come online, the cost may vary. 

The audit is designed to allow home buyers to compare the expected annual costs of energy and is also now up and running in a few other cities such as Austin, Texas and Berkeley California.   You can see an article about it here from The Portland Tribune, and also here a link to the City of Portland site. Note, if your home is listed before December 31st 2017 you are not required to have this performed.

Veterans Affairs Loans By The Numbers

Most people are aware of the VA's veterans loan department, where active duty and retired veterans can use a federal guarantee to purchase a home for as little as $1 down.  But living in Oregon, the only state in the USA without a large full time active duty military base we dont see that many VA loans.  With veterans returning from overseas duty we are seeing more of them.  This is one of THE BEST loan programs available and given the constant rise over time of housing since the end of WW2 this is a tremendous opportunity for veterans young and old to obtain a home loan.  THIS SITE from the VA shows all the loan types available, and also talks about eligibility.